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looking into condos

We currently live on 6th and Pico right next to the Santa Monica high school. We're on a month to month lease. We love our location, but our apt. is small, 650 sq. feet, we pay 1675 in rent/month. I'm wondering...is it possible to find a mortgage for this amount for a better spot/place? Probably not, but always worth asking. 
  • June 09 2013 - Los Angeles
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Answers (7)

Most of these lenders say to go thru the pre-approval process to see what you qualify for.  I have agree with them.

Plus, you will find out what your credit score is and more importantly, what the credit looks like and whether you have any collection accounts on the report.  This will give you time to handle them - if needed.
  • July 27
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Good Evening,

I can help you with a Pre-Approval  amount.  I'm pretty sure you would be able to own a home for atleast the amount you are paying in rent.  Call [Promotion and hotlink removed by Zillow moderator. Please see our Good Neighbor Policy.]
  • July 26 2013
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Profile picture for JamieTian
Hi, 

You should contact any bank or mortgage broker to get pre-approved for a loan so you can see how much you can afford.

After that, you should contact a real estate agent such as myself to help you find the homes that are currently available. I would be happy to refer to you a few good mortgage brokers and also help you start searching for your second home! 

Best, 

Jamie Tian 
Rodeo Realty 
  • July 21 2013
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Call a realtor, call a mortgage loan officer and get more information from both so you can make a knowledgeable decision!
  • July 04 2013
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When it comes to loans and monthly payments..etc.. you should sit down with a good loan officer to discuss it. You will need to provide all of your financial information to them, including any debts so that they can calculate what you can qualify for. I can provide a referral if you need one.
  • July 04 2013
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Profile picture for wetdawgs
It looks to me like you are getting a bargain of your rent vs sales prices.

You can get a rough idea on what you can afford by taking your cursor to "mortgage rates" in the top line and chosing affordability calculator or mortgage calculator.   

Then, go search for condos in Santa Monica to learn what the prices are.   Yikes!     I suspect you'll then understand why I think you are getting a bargain.
  • June 11 2013
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I would consult with a bank or lender in regards to a preapproval.  They will need to know (and may request proof of) your monthly income, how much you have for a down payment and closing costs and your monthly obligations (they will likely pull credit for this).  They should then be able to determine how much you can afford.  Best of luck to you.
  • June 11 2013
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